Trump Just Admitted on Live Television He Will 'Terminate' Social Security and Medicare If Reelected

Would you care to explain this claim? Do you understand the Social Security pays out what it takes in? It is a Ponzi scheme. If the tax funding Social Security is "waived" where do you think the money is going to come from to pay benefits.

 

Thinking the government should be fiscally responsible is a sentiment to admire - but it puts you in a small minority.

 

What would put me in the minority is expecting the federal government to to actually be fiscally responsible.

 

Did you even read your source? It says payroll taxes account for 89% of SS revenue. It also says that on the official SS website. https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm

Nevermind. I see you admitted your error earlier. At least you admitted it, which is more than most conservatives do these days.

 

Donald Trump is dangerously stupid. Hospitals nationwide will go bankrupt within months. I usually don't **** on Trump for his policies. Most of them are kind of dumb but reasonable minds can differ. But this is an exception. Discontinuing Medicare is the biggest mistaken imaginable. It is incredible that our president is this ****ing stupid.

 

For years, SS took in more than it pays out. The concern with SS is that this trend will not last long (if it hasn't ended already) when more baby boomers retire and payout increases revenue. SS is not funded solely with payroll taxes. Stopping the payroll taxes until the end of the year will not bankrupt SS. If he ends payroll tax completely, he will need to find something else to replace it. Besides, he will have to get it through Congress first before he can even end it. For some reason, I think that would be a challenge even if both the House and Senate were red. If he does end it, the deficit between revenue and payouts will increase and the payouts might decrease, but SS is not going to end in the next few years.

 

What does it matter what the surplus is when it given away every FY. They take in more than they pay out and the surplus is diverted to the Federal General fund every year and replaced by worthless special securities that have zero market value. These securities cannot be sold to pay benefits. The Government has no funds to redeem them. The Social Security Trust funds is holding close to 3 Trillion in worthless IOUs from the Government and claiming they have invested this money. I don't know why this is so hard for people to understand. The clue is that the government provides the social security trust Funds that are called "special trust funds". They do not provide the fund with negotiable instruments that might be sold and then redeemed.

The Trump order will only work if the tax cut is less than the 2021 surplus which may very well not be the case. This move by Trump makes me wonder if he is senile. What a choice. We can vote for a senile incumbent or a senile replacement.

 

If reelected Trump can tell one of the three greatest lies to people receiving Social Security benefits -- THE CHECK IS IN THE MAIL.

 

They've been telling me that for 3 decades

 

My money is on the side of this thread being based on Fake News.

 

The funding mechanism for Social Security is the Congress. All payroll taxes go to the general fund. There is no direct link between those taxes and Social Security.

 

"Diverted." Everything collected by the Federal government goes to the general fund, and then budgets are created and agencies, like SS, are funded. There's a law which states that Social Security receive credit for the amount produced by payroll taxes, and, like ALL Federal government "funds", it is entirely in the form of non-marketable, intergovernmental treasury bonds. IOUs. Social Security has never had an actual "trust fund". It's nothing like a trust, and there never were any funds. It has always been this way, and it must be so as SCOTUS ruled that the Federal government cannot create a special tax which goes to a special fund.

The same system is used for everything else. For instance, FDIC collected insurance fees from banks, which go to the general fund. The FDIC has a "fund" which is made up of those same non-marketable, intra-governmental treasury bonds. Should banks collapse, all the money to pay out FDIC "insured" deposits will come from current revenues, not a separate fund.

 

The article absolutely shouldn’t be considered accurate representation. In fact its a downright misuse of a quotation, it is not an honest quotation

 

If bullshit were music, this OP would be a symphony.

 

Funding of the SS as an agency (operational expenses) and employee salary is from the General Fund.

The FICA tax is collected by the IRS and put into the SS Trust Fund. Benefits are paid from the SS Trust Fund.

Yes, the SS Trust Fund is not a real trust fund. It is a Ponzi scheme.

 

Which parts are you two having issues with?

I can source Breibart or maybe even stormfront if that is a more acceptable source?

 

It ain't gonna happen. Calm down and have a beer.

 

It happened. I am no liberal but the Executive Order suspending the tax that funds Social Security shows Trump is not playing with a full deck.

 

SS has been bankrupt for decades, NOTHING NEW HERE.

 

This is complete nonsense - it would be political suicide & he knows it.

Fakest fake news ever.

 

Not bankrupt yet -- but non-sustainable. SS as we know it will be broke somewhere around 2034. That is before Trump's current action which will accelerate the bankrupting of SS.

In the past adequate taxes have been collected to pay benefits. Last year there was something like a 2.5 Billion surplus which as always was stolen by the Government.

What is shocking is Trump's apparent failure to understand how Social Security is funded. Or maybe he does understand and is just buying the votes of ignorant people who do not understand how Social Security is funded. Either way his actions are totally irresponsible.

 

I would love to see your sources showing this isn’t what will happen by terminating these taxes. Do you have any?

Or are you saying that he didn’t say this because I have already posted video and the federal register showing otherwise.

 

This has nothing to do with the topic under discussion.

 

Your bias'd source doesn't even quote him as saying he wants to PERMANENTLY eliminate FICA contributions.

 

I can't believe that Trump said this. It makes me think that he said that just because he doesn't want to be re-elected.

On the other hand, there was never a better argument for Universal Basic Income(UBI) than after we get rid of the old system and replace it with UBI. The argument for UBI is that it will replace other social safety nets.